Getting into a car accident usually - almost always - results in damage to your vehicle. Whether it's a serious accident or a mere fender bender, it's uncommon to walk away from it without any damage to your N Charlotte Toyota, even if it's just a scratch or a small dent. And sometimes the damage is under the surface where you can't see it, like damage to the suspension or safety technology.
That's why it's always a good idea to have your car inspected after a collision regardless of how big or small the accident was, and it's a good idea to file a claim with your car insurance to get repairs started. An adjuster will examine your car and determine the extent of the damage and how much they're willing to shell out for repairs.
What does a total loss valuation mean for your N Charlotte Toyota?
However, occasionally after a bad car accident, a vehicle is deemed a total loss. Toyota of N Charlotte's body shop experts are here to explain what a total loss is and what to do about it.
A total loss is - in car insurance terms - when the cost of repairs to get your car back to its former condition is more than the cash value of the car. Basically, it's going to cost more than what it's worth to fix it, so it's a waste of money to do the repairs. At that point in the process, it's wiser to put that money into a down payment on a new N Charlotte Toyota.
But how does an insurance adjuster decide if a car is a total loss? They use a variety of resources to come to this conclusion; here are two of the most common tools they use to evaluate your vehicle.
KBB: Kelley Blue Book is a tool that's often used by dealers to determine how much a car is worth when it's traded in, so it's also a great resource for insurance adjusters to figure out how much a particular car is worth in comparison to the cost of repairs. KBB uses criteria like model year, mileage, overall condition, and a few other factors to come up with a monetary value.
NADA: The National Automotive Dealers Association also offers up car values based on criteria similar to that of KBB, and a lot of dealers use it to assist them with trades.
After the insurance company figures out the value of your car, they also have to look at a couple more criteria dependent on the state that you live in. For example, in Florida the damage to your car has to be more than 80% of the value of the car to deem it a total loss. If it's less than 80%, the car can't be considered "totaled" or a total loss.
So your car has been dubbed a total loss by your insurance company... what now? Essentially, what happens next is your insurance company will take your car and offer you a cash payout. Then you can turn around and use that money to put a down payment on a new car. Here are a few things to consider when you get to this part of the process:
Think the number they're offering you is too low? You can always ask to negotiate the cash they're offering you or refuse the offer altogether.
If you have a lot of modifications on your car, it's smart to gather up the receipts for the parts and accessories. That way you can make sure that what the car insurance company is offering you lines up with what the car is worth.
You can also ask for a faster payout if you really need a new vehicle now.
Schedule auto repairs at Toyota of N Charlotte
Have more questions about a total loss or need auto repairs after a car accident? Toyota of N Charlotte is open and waiting at 13429 Statesville Road, just off I-77 at exit 23 in Huntersville. Come visit us today!
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